Thursday, 31 August 2017

US equities ended the month on a positive note, sp +14pts at 2471. The
two leaders - Trans/R2K, settled +0.1% and 1.0% respectively. VIX settled -5.6% at 10.59. Near term
outlook offers minor weak-chop into the 3 day holiday weekend. Sept/Oct'
offers a 4-5% downwave to the sp'2350s.

sp'daily5

VIX'daily3

Summary

US equities opened a little higher, and much like yesterday, clawed upward. The key gap zone of 2462/68 was fully filled, and we even broken into the mid 2470s. There was something of a subtle reaction from 2475 in the closing hour. Near term outlook offers a gap fill of 2462/57 within 1-3 days. Things only get interesting with a break under the Aug'21st low of 2417.

With equities rising, volatility was ground lower for a second day, with the VIX settling the month in the mid 10s. A surge to the key 20 threshold looks highly probable within Sept/Oct'.
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As for August...

sp'monthly

A fifth consecutive net monthly gain, with a notable new historic high of 2490. Unquestionably, the current remains outright bullish. From tomorrow onward, the key 10MA will be somewhere within the 2390s. A September close under it would merit alarm bells. We shall see.
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